1974 – Gerald Ford: Inflation, Recession, Oil

How TIME Covered the News: Given the oil crisis of 1973, escalating inflation and stagnant economic measures, the newly-instated president Ford had a quick learning curve when he took office in 1974.

“Wall Street, like the U.S. itself, is suffering most from uncertainty about the future, a fearful sense of drift that, for all its efforts, the new Administration has so far failed to arrest. Now that could, well change, though slowly. The President’s new program represents a first step on what will be a long and punishing journey back to prosperity. The key question is whether President Ford can rally the nation to make the many sacrifices, large and small, that are absolutely necessary for winning the critical war against inflation.”